Technology is wonderful and making managing business finances much easier than ever is amazing. You can transform your phone or tablet into an accounting machine with a few apps that will help you save both time and money.
There is an app to meet every business need, from sending invoices and managing customers to complex financial projections and credit card transactions. These apps can be used by both small and large businesses. When everything is in order, accounting can actually be fun.
Top 10 Mobile Apps to Manage Your Business Finances
1. Wave Bookkeeping
The Wave bookkeeping app is a great option for small businesses with tight budgets or those who have very limited business needs. It may be one of the most popular free bookkeeping apps. The app comes with a basic pricing plan for free and has many features that you should consider for mobile bookkeeping.
Wave tracks your income, and expenses, and uses double-entry accounting which is widely used by businesses. You can link unlimited bank accounts to the app. You can also use the shoebox function to store receipts. Simply take a photo of the receipt using your phone. Wave allows you to create custom invoices. Wave does not permit you to track receivables and accounts payable, perform payroll functions or accept online payments.
Wave is 100% web-based, so you can access your data from any location. Wave can be used on both Mac and PC. It also has an app that allows you to scan receipts and invoices.
Also read: Top 25 Small Business Apps
2. QuickBooks Online
QuickBooks Online is a top-rated bookkeeping and accounting tool. It also has the best reporting tools. It is not necessary for every business. You can choose from a basic or advanced pricing plan. The advanced plan includes all the features that a bookkeeper/accountant would need.
SimpleStart is not able to invoice customers. Pricing starts at $25 per month for Simple Start and goes up to $150 per month with the Advanced plan.
QuickBooks Online can be described as more than just a bookkeeping app. This app is a great tool for small business owners as well as anyone responsible for bookkeeping and accounting.
QuickBooks Online allows you to create and edit customers’ invoices, sales receipts, and estimates. The app instantly makes your data available. You can even create an estimate or an invoice while you’re visiting customers. You don’t need to go back to the office, or even turn on your computer.
QuickBooks Online can also be used as a powerful reporting tool. It uses your data to create your financial statements. It makes it easy to create your income statement, balance sheet, and statement of cash flow. The app also allows the business to create illustrative graphs and charts.
FreshBooks is a mobile application that stores and operates data in the cloud. It is often compared with QuickBooks. Cloud storage is especially useful for those who are always on the move. FreshBooks is a popular choice for freelancers and small businesses. Some users find it easier than QuickBooks.
FreshBooks’ strength lies in the ability to automate and customize your invoices. It can be used with 84 different applications, such as Shopify and Zoom. If you require it, the tool allows you to create your own custom billing system for your company.
FreshBooks offers a time tracking feature that allows freelancers to track their billable hours. It offers many features that QuickBooks Online doesn’t offer. QuickBooks Online allows you to have only one or two simultaneous users, depending on the plan you select. FreshBooks allows you to have unlimited users simultaneously. In order to make your tax filings easier, you can categorize expenses as they are entered.
FreshBooks also offers team roles, which are only available to those who have the highest-tier QuickBooks plans. Different levels of permission can be assigned to different people. You can also collaborate with other people on projects. This feature is not available in QuickBooks.
FreshBooks Accounting runs on both a Mac and a Windows-based computer.
Bill.com is a mobile app that can manage both the accounts receivable and accounts payable functions of a small business. This app may be used only by the business for its powerful accounting payable functions. Wave Bookkeeping, or any of the accounting apps like FreshBooks Accounting or QuickBooks Online, can manage accounts receivable. This includes billing customers. Bill.com is much cheaper if you only use it for accounts payable.
Bill.com is used by many of the world’s top accounting firms. It can be used to pay your business’s suppliers’ bills or your accounts payable. It can be used to pay international and U.S suppliers electronically. It supports ACH payments. You can invoice credit customers using this app for accounts receivable. Digital invoices can be generated, as well as automatic reminders and electronic payments. Bill.com allows document storage. It seamlessly integrates with QuickBooks Online Accounting and FreshBooks Accounting.
Bill.com is available to small businesses for payments or receivables at $39-$49 per month. However, if you wish to use Bill.com to do both, the cost is $69 per month or more.
Bill.com, a web-based application, allows you to access all your data at any time. It works with Windows and Mac OS X.
Square is a great point-of-sale app for small businesses that take credit cards. Those who have an online shop or website. You will need to set up Square software on your computer, and the mobile app on either your smartphone or other mobile devices like a tablet. These are just a few of the many ways Square works.
- It allows you to manage your inventory and track all your items.
- You can also use it to make mobile credit card payments and you can even set up an online shop.
- Square can also create reports about your inventory and point-of-sale transactions.
The software can be used if your storefront accepts payments. The app can be used on a tablet or phone to accept payments from outside your store. The card reader can be used to swipe the customer’s card. To record the transaction, the app uses Square’s proprietary software and a card reader.
Square is a great option for point-of-sale transactions. You can also set up an online shop with online transaction capabilities. Square can be used with many other apps, including delivery apps. You can access them through the Square dashboard. Square supports inventory management, especially for retailers.
Square offers a free app and a credit card reader. You can have transactions credited to your account in one or two days. The charge for each swipe is 2.75%. This allows you to save significant money over traditional processing.
InDinero can be used with other bookkeeping apps such as FreshBooks.
InDinero pulls all your bank statements and credit cards from all banks. This feature eliminates the need to keep receipts in a box. InDinero automatically places your expenses into the correct categories. Each month, the app records the spending habits of your business. This allows you to create a budget and inDinero will produce reports that will help you see how you’re doing.
InDinero offers many services to small businesses. InDinero helps small businesses budget and prepares financial reports such as profit-and-loss statements and statements of cash flows. It also assists with financial forecasting. It works with many accounting and bookkeeping software, including Bill.com Online and QuickBooks Online.
This app is a great choice for small businesses.InDinero even allows you to get small business financing you can get advice from a professional chief finance officer (CFO) through the app, The app has one drawback. InDinero is not only comprehensive but also very expensive. InDinero is expensive. The monthly base price is $300. However, you can choose from custom pricing plans.
The app is cloud-based and allows you to access your data from anywhere at any time. It runs on both Windows and Mac operating systems.
Also read: 6 Best Expense Tracker Apps
Cash is king is an old business saying that is universally true. This is especially true for small businesses. Cash flow is the lifeblood of small businesses. No matter how small the financial statements are saying, If the business doesn’t have enough cash, it will fail.
Fluidly is a cash management software that accountants and businesses can use to manage cash flow. It provides real-time cash flow forecasting to help businesses keep track of their cash position. Fluidly can also be used to plan for different cash flow scenarios. Fluidly can connect to either a QuickBooks or Xero account so you can instantly see your cash flow forecasts.
Fluidly is web-based and works on both Mac and Windows. Fluidly’s interface makes it easy to upload to social media platforms such as YouTube. The pricing starts at just over $13 per month and increases from there.
8. TurboTax Small Business
Every small business needs to have access to a tax program for its accountant/bookkeeper. TurboTax Small Business is the best app. This allows the accountants to perform preliminary tax analyses on the business to determine their tax position. To assist in tax preparation, the business can present to its Certified Public Accountant (CPA), a variety of financial information at the end of the year.
TurboTax Small Business offers comprehensive tax preparation software. It covers all tax issues small businesses face and includes most of the features small businesses require. Here are some examples.
- TurboTax Small Business searches over 350 deductions. Some of these deductions are industry-specific.
- It also includes tax analysis for financial events that occurred in the year. TurboTax also included a section in 2020 for businesses that received federal support programs.
- It includes a tax calculator and a self-employed expense estimate, among other features.
TurboTax Small Business can be downloaded for Windows. You will need to purchase one of the online editions to be able to use it on your Mac computer. It is affordable for small businesses.
Expensify is a mobile app that allows you to manage and create expense accounts. Employees have the option to scan receipts from daily sales or long-distance trips and business trips. Expensify is a tool that allows sole proprietorships to track receipts, expenses, and employees to send copies to managers.
For small businesses, Expensify can be used at the company level. Expensify is used by companies for expense reporting, card management approvals, authorizations, and reimbursements for employees and managers. Expensify can be made automated so that reports can automatically be sent to both accounting and managers.
Expensify starts from $4.99 per month for the sole owner and increases depending on how many people use the app and how many transactions are made per month.
Both the Windows and Mac operating systems have mobile apps.
The last app that can be particularly helpful for small business finance is the Evernote mobile app, which is used for multiple purposes. There is always an extra piece of information that you should note in business or finance That doesn’t seem possible anywhere else. This can be done with the Evernote app.
You might need to send an email to someone about an expense you have. Evernote allows you to email directly. It works well with many productivity apps, such as email programs and communication programs. Evernote allows you to clip webpages and take images. You can also take any notes throughout the day, to complement what you have done in other mobile apps.
Evernote offers mobile apps for Windows and Mac. There are three pricing options available, with one being free. The Premium version costs $7.99/month. Evernote stores all your notes in the cloud.